Cadogan Petroleum sells its second subsidiary in Ukraine for $1.2 million

The British oil and gas company Cadogan Petroleum has agreed with Ukrinvest Group to sell its subsidiary Astroinvest-Ukraine for $ 1.2 million, Business Censor reports.

In early October, the British company announced the sale of its subsidiary public utility Gazvydobuvannya for $2.8 million. Thus, the company earned $4 million for the sale of both companies.

The sale of Gazvydobuvannya LLC is part of Cadogan’s plan to create the basis for growth in Ukraine through the wise use of its cash and monetization of assets.

The company also said that Cadogan Petroleum CEO Guido Michelotti has resigned. Since November 18, Fady Khallouf has been holding the post of the new CEO of the company.

They noted that the change of leadership will not affect the vectors of the company in Ukraine. Under the leadership of Guido Michelotti, the company focused on Western Ukraine, in particular Lviv region, where it found a favorable investment environment.

“Cadogan Petroleum plans to continue to work in Ukraine and invest in the development of oil and gas fields”, the statement said.

Recall that according to the results of the last six-month financial report, the company received $2.56 million in net profit from January to June 2019 and increased oil production by 27%.

Earlier it was reported that the net profit of Cadogan Petroleum at the end of 2018 amounted to $1.2 million, while in 2017 the company had a net loss of $1.6 million.

Recall that Cadogan Petroleum plans to produce oil at Blazhevsky field.

 

Tags: The Cabinet of Ministers, gas, contracts, oil, hydrocarbon production, legislation, EU, The Minystry of Energy and Coal Mining, Top management, energy market, gas production, добыча нефти, drilling, foreign affairs

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